Step 1: Definition
Degenerate orbitals are orbitals belonging to the same subshell that have the same energy level.
Step 2: Analysis
In molecular orbital theory for homonuclear diatomic molecules, the $\pi2p_{x}$ and $\pi2p_{y}$ molecular orbitals are formed from the same atomic subshells and are symmetric.
Step 3: Conclusion
Because they have nearly equal energy levels, they are considered degenerate.
Final Answer: (B)